Common Insurance Terms Copy
Insured — Someone protected, or covered, by an insurance policy
Policyowner — Someone who owns, and has control of, an insurance policy; the policyowner can also be an insured under the policy
Insurer — The insurance company that issues (sells) an insurance policy; also known as the carrier or principal
First Party — The insured
Second Party — The insurer
Third Party — Someone other than the insured or the insurer
Premium — The amount of money the insurer charges the policyowner for an insurance policy